Paramount Announces Job Cuts and Price Hikes Amid Strategic Overhaul

Paramount Global, under the leadership of Shari Redstone, has unveiled a new business plan involving $500 million in cost cuts and potential layoffs as it explores a sale to David Ellison’s Skydance Media. The company aims to improve its financial standing and transform its streaming service, Paramount+, while maintaining operations as a standalone entity. The proposed deal with Skydance includes a $4.5 billion buyout of non-voting stockholders and a $1.5 billion cash infusion to reduce debt.